合资承销商影响新股破发率的实证研究

新股破发是目前中国股市目前面临的一个重要现象。本文基于2004年至2010年上市的A股IPO,研究合资承销商对新股破发率的影响。研究发现,合资承销商所承销的新股破发率显著低于本土承销商。合资承销商的低破发率主要归功于更加有效且符合市场预期的一级市场发行定价能力,其表现为合资承销商发行的股票的短期市场价格相对发行价的偏离程度显著低于本土承销商发行的股票。另外,我们还发现合资承销商采取了一定的托市行为,该行为也减小了短期内新股跌破发行价的概率。本文的发现从新股发行的角度提供了开放金融市场对我国资本市场影响的新现象。

Joint Venture Underwriter and IPO Overpricing

IPO overpricing is a recent important phenomenon in Chinese financial market. With the data of A-share IPOs from 2004 to 2010, this paper examines how foreign ownership in underwriters affects the likelihood of stock price falling below the IPO offering price in the short run. The results show that stock prices of firms issued by joint venture underwriters are less likely to fall below the IPO offering price in the short run. Further analyses show that this result can be mainly explained by the following reasons. Joint venture underwriters tend to make IPO offering price closer to firm’s short-run secondary market trading price than domestic underwriters. Joint venture underwriters are more likely to support the IPO price aftermarket than domestic underwriters. These findings provide new evidence on financial market globalization in China.